Shares of Flagstar Financial, Inc. (NYSE:FLG - Get Free Report) shot up 5.5% on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $11.99 and last traded at $11.89. 2,484,220 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 6,078,504 shares. The stock had previously closed at $11.27.
The company reported ($0.23) earnings per share for the quarter, beating analysts' consensus estimates of ($0.26) by $0.03. The firm had revenue of $490.00 million for the quarter, compared to analyst estimates of $511.00 million. Flagstar Financial had a negative net margin of 17.16% and a negative return on equity of 10.72%. Flagstar Financial's revenue for the quarter was down 22.6% compared to the same quarter last year.
Flagstar Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Shareholders of record on Saturday, June 7th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend is Friday, June 6th. Flagstar Financial's dividend payout ratio is currently -1.08%.
Analyst Ratings Changes
Several research analysts recently issued reports on FLG shares. DA Davidson raised Flagstar Financial from a "neutral" rating to a "buy" rating and lifted their target price for the company from $12.00 to $14.50 in a research report on Friday, January 31st. Barclays upped their target price on shares of Flagstar Financial from $13.00 to $14.00 and gave the stock an "overweight" rating in a research note on Friday, January 31st. JPMorgan Chase & Co. raised their price target on shares of Flagstar Financial from $11.00 to $12.50 and gave the company a "neutral" rating in a research report on Friday, January 31st. Finally, Citigroup raised shares of Flagstar Financial from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $13.50 to $15.00 in a research report on Friday, April 4th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Flagstar Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $13.25.
Get Our Latest Report on FLG
Flagstar Financial Trading Up 1.0 %
The company has a current ratio of 1.10, a quick ratio of 1.09 and a debt-to-equity ratio of 1.88. The firm has a fifty day moving average of $11.42. The company has a market capitalization of $4.91 billion, a P/E ratio of -3.21 and a beta of 1.17.
About Flagstar Financial
(
Get Free Report)
Flagstar Financial, Inc operates as the bank holding company for Flagstar Bank, N.A. that provides banking products and services in the United States. The company's deposit products include interest-bearing checking and money market, savings, non-interest-bearing, and retirement accounts, as well as certificates of deposit.
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